It's Official, FHA Increasing Mortgage Insurance Premiums April 9th - 02/28/12 11:11 AM
We have all heard the rumors over the last few months that the Federal Housing Administration (FHA) planned to increase their mortgage insurance premiums, but no one really knew when. In yesterday's press release FHA Takes Additional Steps To Bolster Capital Reserves, acting FHA Commissioner Carol Galante announced a new premium structure for FHA-insured single family mortgage loans. The Upfront Mortgage Insurance Premium (UFMIP), typically financed, will increase from 1.0% of the base loan amount to 1.75% of the base loan amount. On a $300,000 purchase price, this increase will affect a borrower's monthly payment by about $10 per month … (0 comments)
The HARP Deal, Credit Requirements - 02/24/12 10:19 PM
The HARP Deal, officially going live to lenders and borrowers on Monday March 19, 2012, has very generous credit requirements, namely: ***NO MINIMUM CREDIT SCORE IS REQUIRED*** Mortgage history is also far less stringent for the HARP Deal than other loan programs. The Fannie Mae (FNMA) underwriting engine is called Desktop Underwriter, or DU. The Freddie Mac (FHLMC) underwriting engine is called Loan Prospector, or LP. Here are the corresponding HARP Deal mortgage history guidelines: Fannie DU: must be current Freddie LP: 0x30 late in the past 6 months and 1x30 allowed in the last 7-12 months As far as Bankruptcy … (2 comments)
The HARP Deal, Required Borrower Benefits - 02/24/12 10:14 PM
One of the requirements of the HARP Deal is that the borrower must have at least one benefit from the transaction. The Fannie Mae guide is more specific calling the benefit a "movement to a more stable product" namely: A mortgage loan with an interest-only feature to a fully amortizing mortgage product An adjustable rate mortgage (ARM) to a fixed rate mortgage (FRM) which would eliminate the potential for future payment shock An ARM to a new ARM with an initial fixed period of five years or more, and equal to or greater than that of the existing mortgage (elimination of pending payment … (0 comments)
The HARP Deal 2.0, Can You Choose Your Own Lender? - 02/24/12 09:46 PM
The HARP Deal 2.0, Can You Choose Your Own Lender? YES YOU CAN. A common misconception regarding the HARP Deal 2.0 is that borrowers can only take advantage of the expanded refinance guidelines of the HARP Deal 2.0 if they refinance through their current servicing lender. This is not true. The DU Refi Plus program (Fannie Mae) and the LP Open Access program (Freddie Mac) may be offered by any lender selected by the borrower because DU and LP will automatically determine whether or not Fannie/Freddie are the owners of the loan. This is regardless of the lender entering the casefile for the … (2 comments)
The HARP Deal, Maximum Loan To Value And Loan Amount - 02/24/12 09:43 PM
One of the best aspects of the HARP Deal, and the main thing that previous versions of the HARP Deal was lacking, is the new Loan to Value (LTV) is not capped. The first version of the HARP Deal limited the new Loan to Value at 105%. The next version of the HARP Deal capped it at 125%. Now, no limit! There is also no limit on the Collective Loan To Value (CLTV), that is, the sum of the eligible HARP Deal 1st lien plus any subordinate liens. Keep in mind that any subordinate liens must stay in a subordiante position … (3 comments)
The HARP Deal, Does Your Loan Qualify? - 02/24/12 08:22 PM
In order to qualify for the HARP Deal, your loan must have been closed and committed/delivered to Fannie Mae (FMNA) or Freddie Mac (FHLMC) prior to June 1, 2009. Fannie's version of the HARP Deal is called the DU Refi Plus. Freddie's version of the HARP Deal is called LP Open Access. Both Fannie and Freddie have "look up" tools for your convenience: FNMA: www.fanniemae.com/loanlookup/ Freddie: www.freddiemac.com/mymortgage Ineligible Loans: Any loan currently in default delivered to FNMA/FHLMC on or after June 1, 2009 government loans reverse mortgages any loan other than a 1st lien Questions regarding the HARP Deal? Contact Kevin … (3 comments)
The HARP Deal, Eligible Occupancy And Property Type - 02/24/12 08:15 PM
One of the best aspects of the HARP Deal 2.0 is that it is not just for owner-occupied properties. Eligible properties for the HARP Deal include: Primary Residence Second Homes Non-Owner Occupied 1-4 Units Condominiums PUD's (Planned Unit Developments) Manufactured Homes Even better, Fannie Mae does not limit the number of properties on which a borrower has financing. If the new HARP Deal loan will be on a Primary Residence, Freddie Mac has no limit either. However, Freddie will limit the total number of financed properties to four (4) if the new HARP Deal loan will be on a Second Home or Investment Property. … (2 comments)
The HARP Deal, Income Documentation And Debt Ratios - 02/24/12 08:11 PM
Now that the release of the HARP Deal is nearing, we have more information regarding the program. This updated information includes the HARP Deal Income Documentation and the HARP Deal Debt Ratios. For Fannie Mae owned loans, the basic required income documentation for borrowers that are salary/hourly/bonus is a Verbal Verification of Employment (VVOE) plus one recent paystub. Freddie Mac owned loans will also require the previous two year's W-2's. Self Employed and/or Commission borrowers looking to qualify for the Harp Deal will need to provide the most recent year's Federal Tax Return. For all HARP Deal borrowers regardless of income source, … (2 comments)
Plan 1 In Vista's Tesoro, A New Community Of Detached Homes - 02/23/12 06:38 PM
Come visit Tesoro in Vista, a community of 55 single family, 3 and 4 bedroom detached homes in Vista, California. Although zoned as condominiums, you will enjoy the benefits of detached living. Tesoro is a VA Approved Condo Project, and since these homes are considered "site" condos by FHA, project approval is not requried by FHA. Current seller incentives include seller-paid closing costs up to $10,000 and seller-paid HOA dues for the first 12 months. Start your loan pre-approval today with Kevin Kueneke, Mortgage Loan Officer and Tesoro's Preferred Lender with AmeriFirst Financial by calling 760-500-1919 or apply online: www.kevink.amerifirst.us … (0 comments)
The HARP Deal 2.0 - 02/19/12 08:59 PM
We are finally getting more specifics regarding The HARP Deal, the most recent version of the Fannie Mae and Freddie Mac refinance program. Fannie's version of The HARP Deal 2.0 is called the DU Refi Plus. Freddie's version of The HARP Deal 2.0 is called LP Open Access. Here are some of the details: INELIGIBLE LOANS FOR THE HARP DEAL: any loan currently in default existing loan delivered to Fannie or Freddie on or after 6/01/2009 government loans reverse mortgages not a 1st lien MAXIMUM LTV AND LOAN AMOUNT FOR THE HARP DEAL: LTV and CLTV is unlimited for all Occupancies and all … (17 comments)
Patience Pays Off Again - 02/19/12 07:44 PM
We just closed a San Diego VA loan for some clients that I had been working with for over a year (one year and three months). Their loan was a cookie-cutter deal and we closed it in 24 days from acceptance to recording. Not bad for a San Diego VA purchase. They bought a San Diego short sale, and the short sale lender is known for it's issues. I have heard of five and six month turn-times, but this lender took fourteen months to finally approve the San Diego short sale. Fortunately, the buyer's agent was able to choose the … (0 comments)
I Gave My Wife Power Of Attorney For The Loan Closing - 02/12/12 11:46 PM
San Diego obviously has a large amount of active duty military personnel, some of which purchase homes while they are deployed. For the transaction, many will use a power of attorney (POA) giving someone else the power to sign for them in their absence. Lenders are fairly lenient on the language of the POA, but the last word is ultimately up to the title company. The type of POA required is known as a "specific" power of attorney which mentions the specific address involved in the purchase transaction. It is important to check with your buyers and sellers to see if … (0 comments)
FHA Mortgage Refinance In Mission Viejo CA - 02/12/12 10:57 PM
If you are shopping for an FHA Loan for Mission Viejo, CA let over 19 years of experience work for you. Experience AND new ideas count when helping you close your FHA Home Loan in Mission Viejo CA. For your next home purchase or refinance consider Kevin Kueneke. Kevin has closed over 2,500 closed loans in just over 19 years of experience, certified continuing education trainer teaching Realtors and Lenders about FHA and VA loans, and a proven track record of excellent customer service. Your FHA home loan mortgage professional needs to be backed by one of the nations most … (0 comments)
Why Did A Random Mortgage Company Call Me Today? - 02/12/12 10:38 PM
Trigger Leads! Certain mortgage companies will pay top dollar to know exactly who is in the market for new financing. What's more, the major credit agencies not only allow files to be flagged whenever someone applies for a home loan, they actually sell this private information as leads to the highest bidders! For a price tag of $25 to $100, names, addresses, phone numbers, mortgage histories, and even FICO score ranges are sold by the credit bureaus to mortgage companies, which then blindly solicit business. Unfortunately, no legislation exists to prevent credit companies from profiting from this practice. As trigger leads, … (2 comments)
Encinitas 92024, Fully Remodeled 3 Bedroom Home In Flair Encinitas - 02/12/12 10:27 PM
Close to Flora Vista Elementary School and in the 92024 zip code! This beautifully upgraded home in the community of Flair Encinitas is located at the end of a private and gated street and in the 92024 zip code. There are no houses in front or behind this house. NO road noise and minimal traffic. Pride of ownership shows in this 1,567 square foot home, every space has been optimized for maximum storage and functionality. There are 3 bedrooms, 3 full baths and an office. One of the bedrooms and full bath of this Flair Encinitas home near Flora Vista Elementary … (1 comments)
FHA Mortgage In Fallbrook California - 02/12/12 10:15 PM
If you are shopping for an FHA Loan for Fallbrook, CA let over 19 years of experience work for you. Experience AND new ideas count when helping you close your FHA Home Loan in Fallbrook CA. For your next home purchase or refinance consider Kevin Kueneke. Kevin has closed over 2,500 closed loans in just over 19 years of experience, certified continuing education trainer teaching Realtors and Lenders about FHA and VA loans, and a proven track record of excellent customer service. Your FHA home loan mortgage professional needs to be backed by one of the nations most well respected … (0 comments)
FHA Loans For Valley Center California - 02/12/12 10:07 PM
If you are shopping for an FHA Loan for Valley Center, CA let over 19 years of experience work for you. Experience AND new ideas count when helping you close your FHA Home Loan in Valley Center CA. For your next home purchase or refinance consider Kevin Kueneke. Kevin has closed over 2,500 closed loans in just over 19 years of experience, certified continuing education trainer teaching Realtors and Lenders about FHA and VA loans, and a proven track record of excellent customer service. Your FHA home loan mortgage professional needs to be backed by one of the nations most … (0 comments)
Why Rates Moved The Way They Did Last Week - 02/12/12 09:59 PM
With little US economic news this week, investors focused most of their attention on Europe, where Greece is attempting to avoid a debt default. A lack of progress in Greece late in the week caused a minor flight to safety, and mortgage rates ended slightly lower than last week. For most of the week, it appeared that Greek officials were on track to deliver a package of austerity measures required for Greece to receive additional aid. The negotiations took an unexpected step backward on Friday, however, as Greek political leaders agreed on an austerity package on Thursday, but European Union … (2 comments)
Oceanside CA - Great 55+ Opportunity In The 92056 Zip Code - 02/12/12 09:48 PM
Single Story 55+ Golf Course Home In Ocean Hills Country Club Financing available for this 55+ opportunity through Kevin Kueneke, Mortgage Loan Officer with Amerifirst Financial. Call Kevin today at 760-500-1919 or visit Kevin's website: www.kevink.amerifirst.us Oceanside's 92056 zip code - Ocean Hills Country Club single story 55+ Golf Course home. Amazing vantage point sitting high and looking down over the golf course! Beautifully maintained and decorated home. Stainless steel appliances with added convection oven and refrigerator stays! Pantry and small built-in desk has been added to kitchen of this Ocean hills Country Club 55+ single story home in the 92056 … (0 comments)
Single Story 55+ Golf Course Home In Ocean Hills Country Club - 02/12/12 08:28 PM
Single Story 55+ Golf Course Home In Ocean Hills Country Club Financing available through Kevin Kueneke of Amerifirst Financial. Call Kevin today at 760-500-1919 or visit Kevin's website: www.kevink.amerifirst.us Ocean Hills Country Club single story 55+ Golf Course home. Amazing vantage point sitting high and looking down over the golf course! Beautifully maintained and decorated home. Stainless steel appliances with added convection oven and refrigerator stays! Pantry and small built-in desk has been added to kitchen of this Ocean hills Country Club 55+ single story home. Secondary bath has new tiled shower. Second bedroom of this Ocean Hills Country Club single … (0 comments)
Close To Flora Vista Elementary, 3 Bedroom Home In Flair Encinitas - 02/05/12 11:32 PM
Walking distance to Flora Vista Elementary School! This beautifully upgraded home in the community of Flair Encinitas is located at the end of a private and gated street. There are no houses in front or behind this house. NO road noise and minimal traffic. Pride of ownership shows in this 1,567 square foot home, every space has been optimized for maximum storage and functionality. There are 3 bedrooms, 3 full baths and an office. One of the bedrooms and full bath of this Flair Encinitas home near Flora Vista Elementary School is located on the 1st floor. The master bedroom features … (0 comments)
Fully Remodeled 3 Bedroom Home In The Gated Community Of Flair Encinitas For Sale - 02/05/12 10:22 AM
OPEN HOUSE ON SUPER BOWL SUNDAY FROM 1-4PM, COME SEE THIS FANTASTIC HOME BEFORE THE GAME! This beautifully upgraded home in the community of Flair Encinitas is located at the end of a private and gated street. There are no houses in front or behind this house. NO road noise and minimal traffic. Pride of ownership shows in this 1,567 square foot home, every space has been optimized for maximum storage and functionality. There are 3 bedrooms, 3 full baths and an office. One of the bedrooms and full bath of this Flair Encinitas home is located on the 1st floor. … (0 comments)
Detached Home West Of I-5 In Royal Carlsbad, Walk To Tamarack Beach - 02/03/12 11:54 PM
WEST OF THE I-5 and a TRADITIONAL SALE and in a great neighborhood near Tamarack Beach. Walk to one of the best surf beaches in San Diego or many charming shops and restaurants of Carlsbad Village. Easy access to shopping or I-5 North to LA or San Diego South, make this 4 bedroom home in the Royal Carlsbad neighborhood your vacation home or seasonal rental. Kitchen has stainless steel appliances, beautiful new tile floor through to eat-in/family area. All new neutral carpet throughout, interior freshly painted. Featuring 4 bedrooms, 2 full baths, and 1 half bath, this Carlsbad home West of … (0 comments)
Back On The Market, Beautiful End Unit In Carlsbad's Casa Laguna - 02/03/12 09:59 AM
Prequalify today with Kevin Kueneke of Amerifirst Financial. Kevin will use his 19 years of lending experience to help tailor the right loan to fit best fit your needs. Call Kevin at 760-500-1919 or visit Kevin's website: www.kevink.amerifirst.us Carlsbad Village - nothing but custom features in this Casa Laguna condo. Truly private setting. Ideal for outdoor living and entertaining with wave pool, hydrotherapy spa, custom granite BBQ, and dual fire ring. This Casa Laguna condo in Carlsbad Village is a must see for your most discriminating buyer. Absolutely nothing else like it in Carlsbad Village. Seller will carry to qualified buyer … (1 comments)
Not A Short Sale, Remodeled La Costa Meadowridge 3 Bedroom Condo - 02/03/12 09:47 AM
Prequalify with Kevin Kueneke of Amerifirst Financial by calling 760-500-1919 or visit Kevin's website: www.kevink.amerifirst.us Not a short sale and not an REO. Dare to compare! La Costa Meadowridge 3 bedroom condo in Carlsbad. Completely remodeled top to bottom, highly upgraded! New kitchen cabinets w/granite, pendant recessed lighting. This La Costa Meadowridge 3 bedroom condo features brazilian cherry hardwood flooring & tile throughout. The master bath has custom vanity with marble slab counter tops, custom dual sinks and a custom spa like walk-in travertine shower with sitting bench. There are also new dual pane windows in this La Costa Meadowridge condo. … (0 comments)
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We have all heard the rumors over the last few months that the Federal Housing Administration (FHA) planned to increase their mortgage insurance premiums, but no one really knew when.
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